shape
carat
color
clarity
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. PriceScope Upgrade Completed
    For issues, questions and comments click the link below
    https://www.pricescope.com/community/threads/pricescope-upgraded-comments-and-issues.229551/

    Dismiss Notice

Insurance Woes

Discussion in 'RockyTalky' started by bez, Jan 14, 2005.

Thread Status:
Not open for further replies.
  1. bez
    Rough_Rock

    Messages:
    7
    Joined:
    Dec 9, 2004
    by bez » Jan 14, 2005
    I am trying to insure a loose diamond that has been purchased for an e-ring. I had it appraised and contacted a local Chubb agent who told me it would be no problem. Chubb''s underwriters will not write a policy unless it is set in a piece of jewelry, even though they would quote it. The agent is a friend and did everything in his power to try and get Chubb to write the policy.

    The setting is currently being made by Tacori and I really would like to have the diamond insured from the time it leaves my safety deposit box until it returns in the ring. Bailey Banks & Biddle is sending the stone via Fed-Ex(insured) to Tacori to be set. I know it''s covered when in Fed-Ex''s hands and Bailey Banks & Biddle''s hands, but you can''t be too safe.

    Does anybody know how I can get the loose diamond insured? Thansk for your help!
     
  2. denverappraiser
    Ideal_Rock
    Trade

    Messages:
    8,221
    Joined:
    Jul 21, 2004
    by denverappraiser » Jan 14, 2005
    Bez,

    I don''t know of any company that will insure a loose diamond but I was under the impression that Chubb has a ''window'' where you could buy a loose diamond that you indend to set and they cover you through the mechanics of the process.

    It sounds like the only time that you are at risk is during the trip from the bank to the store. Perhaps the store will arrange to have someone meet you at the bank and take posession of the stone there for a fairly reasonable fee. There are also bonded courier services that offer service between two local locations. Perhaps there is a way to FedEx directly from the bank to Tacori or from the bank to the store. Are you expecting difficulties during this trip?

    Neil Beaty
    GG(GIA) ISA NAJA
    Independent Appraisals in Denver
     
  3. belle
    Super_Ideal_Rock

    Messages:
    10,285
    Joined:
    Nov 19, 2004
    by belle » Jan 14, 2005
    maybe bez wants to have the stone insured in case something happens during the setting process?
    ultimately, who''s responsibility is it once the stone leaves the briefke?[​IMG]
     
  4. denverappraiser
    Ideal_Rock
    Trade

    Messages:
    8,221
    Joined:
    Jul 21, 2004
    by denverappraiser » Jan 14, 2005
    Belle.

    Oooohh. Bonus for use of the word briefke.

    No insurance company will cover this risk but it is the policy of many jewelers to assume this liability as part of the setting process. There is effectively an insurance component in the setting fee. I would expect BB&B to have such a proceedure but it is probably worthwhile to ask them. This should be covered during the store take in proceedure as well as in writing on the receipt when she leaves the stone in their care.

    Neil Beaty
    Independent Appraisals in Denver
     
  5. belle
    Super_Ideal_Rock

    Messages:
    10,285
    Joined:
    Nov 19, 2004
    by belle » Jan 14, 2005
    thanks for the clarification neil!

    (i hope i pronounced "briefke" right. that was the first time i was able to use it in conversation[​IMG])
     
  6. codex57
    Brilliant_Rock

    Messages:
    1,492
    Joined:
    Dec 18, 2004
    by codex57 » Jan 14, 2005
    Hahaha, the contents of my thread are expanding. I''m gonna try and use that word in the course of a normal conversation.
     
  7. TLS
    Shiny_Rock

    Messages:
    241
    Joined:
    Sep 8, 2004
    by TLS » Jan 14, 2005
    I am in a similar scenario - I can''t insure until I have a setting and I am paranoid that something could happen during the setting process.

    Neal - I was going to inquire with whoever sells me the setting about whether I will be fully covered if my stone is damaged during the setting process, but what if something did happen. What would keep the jeweler from saying that the "chip" or whatever didn''t happen before hand? Remember, I have no appraisal or insurance yet. (don''t want to appraise until after the setting is complete and no one wants to insure before that).

    I know this is probably an unlikely scenario and I am not envisioning that anyone I would work with would be dishonest, but I am just trying to prepare myself in case this happened. It is very scary taking such a large purchase to someone you don''t really know at all.

    What should someone ask for before the process that would not offend the jeweler? Should they ask how long the bench jeweler has been in business? What would happen if they did damage it, what rights does the consumer usually have in these scenario''s?

    also does anyone know what a statistic is for how often a diamond would get damaged during a setting process?

    Thank you...
     
  8. bez
    Rough_Rock

    Messages:
    7
    Joined:
    Dec 9, 2004
    by bez » Jan 15, 2005
    I''m not expecting anything to happen on my way to the jeweler from the bank, but that is whay it is called insurance. I spoke with the jeweler and they insure the diamond and produce a receipt and written policy from the time I give it to them until it is back in my hands. It''s just nice to have extra coverage in case there was a problem and they were not going to rectify it quickly.
     
  9. denverappraiser
    Ideal_Rock
    Trade

    Messages:
    8,221
    Joined:
    Jul 21, 2004
    by denverappraiser » Jan 15, 2005

    TL1,

    I hate to come across as self serving but this is one of the reasons to get an independent appraisal at the front end. You’re correct that the stone may have been damaged between the date of the lab examination and the date of your purchase. The setter would be entirely correct to deny responsibility for this. If the selling jeweler fails to mention it, and you fail to notice it, you are probably out of luck. Mind you, any setter who disserves the name will examine the stone for damage before they do anything else and won’t even begin until you’ve been consulted if they spot any damage. The take-in person at the jewelry store should do the same before they even accept the job and let you leave the store but certain stores don’t have staff that is trained well enough to do this. This is also a reason to patronize stores with a trained staff.


    I regularly have clients who will have an appraisal done on a loose stone in order for them to make a purchase decision. They then have the appraisal ‘updated’ to include the remainder of the piece after the work is finished. This final report is the one that’s presented to the insurance company and retained in their own files. This also adds an expert opinion on the craftsmanship of the final piece, an area that tends to be neglected because so much energy has gone into the diamond shopping process.

    The risk of damage during setting will depend on a lot of variables. Mostly it’s about the skill of the setter but even the best setters have bad days or just bad luck. Usually the risk is quite low. If there’s a specific problem, the setter will almost certainly want to discuss it with you prior to starting the work.
    Neil Beaty
    GG(GIA) ISA NAJA
    Independent Appraisals in Denver
     
Thread Status:
Not open for further replies.

Share This Page